Automotive Steering System Market to Surpass 41.4 Billion by 2030 Drives Due to Rising Demand for Automobiles
SkyQuest projects that the automotive steering system market will attain a USD 41.4 billion value by 2030, with a CAGR of 4.5% over the forecast period (2023-2030). The global automotive steering system market is experiencing robust growth, primarily fueled by the surging demand for automobiles worldwide. As economies continue to grow and consumers' purchasing power rises, there is a significant upswing in the sales of vehicles across various regions. This escalating demand has prompted market-leading companies to focus on enhancing the production of fuel-efficient cars, catering to the evolving preferences of eco-conscious consumers.
Westford, USA, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the automotive steering system market is experiencing a boost due to several driving factors: the global adoption of strict pollution regulations. Governments worldwide are implementing stringent emission norms to combat environmental challenges, promoting the shift towards electric vehicles (EVs).
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Tables - 64
Figures – 73
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The automotive steering system market is set to experience significant growth during the forecast period, primarily driven by increased automobile production in developing countries, notably China and India. These countries have witnessed rapid economic development, leading to a surge in consumer demand for automobiles.
Prominent Players in the Automotive Steering System Market
Robert Bosch GmbH
Nexteer Automotive Group Limited
ZF Friedrichshafen AG
China Automotive Systems Inc.
Mitsubishi Electric Corporation
Hyundai Mobis Co. Ltd.
NSK-RHP Europe Ltd.
China Automotive Systems Inc.
Robert Bosch Automotive Steering GmbH
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Passenger Car Segment is Expected to Grow the Market Due to the Growing Adoption of Electric Power Steering Systems
Passenger car category is poised to maintain its dominance in the automotive steering system market. This is primarily attributed to the growing adoption of electric power steering systems in passenger cars, which offer numerous benefits such as enhanced fuel efficiency, reduced maintenance requirements, and improved handling capabilities.
The markets in North America currently hold the largest market share in the global automotive steering system market, primarily driven by the substantial presence of key industry players in the region. The established network of automotive manufacturers, suppliers, and technological expertise has contributed to the region's dominance in steering system production and innovation.
Electric Power Steering Segment is Expected to Dominate the Market Due to Significant Advancements in Electric Power Steering Technology
Electric power steering category is predicted to emerge as the dominant segment in the automotive steering system market. This growth can be attributed to significant electric power steering technology advancements and steer-by-wire systems. Electric power steering offers numerous advantages over traditional hydraulic systems, including improved energy efficiency, reduced fuel consumption, and enhanced responsiveness.
Regional markets in Europe currently lead the global automotive steering market, boasting the largest share. This dominant position is attributed to a confluence of factors that drive the region's automotive steering industry.
A comprehensive analysis of the major players in the automotive steering system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in the Automotive Steering System Market
IMUZAK, a renowned developer of molding technology-based products in Japan, made waves in the automotive industry by unveiling its groundbreaking 3D floating display for automated vehicles at CES 2022. This innovative display system projects visual driver notifications from behind the steering wheel, enhancing driver awareness and safety. The technology utilizes a proprietary microlens system that enables the projection of free-standing announcements, providing crucial information to drivers about various highway features, critical distances, and potential oncoming challenges.
Nexteer Automotive, a prominent automotive parts supplier based in the U.S., recently showcased its latest Modular Column-Assist EPS System (mCEPS) to expand its Electric Power Steering (EPS) portfolio. With a focus on enhancing driver experience and road connectivity, Nexteer has introduced high-performance, custom-developed rotation and torque angle sensors in the mCEPS system.
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Key Questions Answered in Automotive Steering System Market Report
What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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